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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File number: 333-151632
 SUPERFUND GOLD, L.P.
 
 Delaware
    
    98-0574019 (Series A); 98-0574020 (Series B)(State or other jurisdiction 
of incorporation or organization)
    
    (IRS Employer Identification No.)Superfund Office Building 
Grand Anse, St. Georges 
PO Box 1479
Grenada W.I.
    
    Not applicable(Address of principal executive offices)
    
    (Zip Code)
 (473) 439-2418
 
 Not applicable
 
  þ o
  o o
  Large Accelerated Filer o
Accelerated Filer o
Non-Accelerated Filer o
(Do not check if a smaller reporting company)
Smaller Reporting Company þ  o þ




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PART I  FINANCIAL INFORMATION
 ITEM 1. FINANCIAL STATEMENTS
  PageFinancial Statements (unaudited)Statements of Financial Condition as of March 31, 2009 and December 31, 2008
    
    
    3
  PageFinancial Statements (unaudited)Statements of Financial Condition as of March 31, 2009 and December 31, 2008
    
    
    4
 PageNotes
to the Financial Statements (unaudited)
    
    
    5EX-31.1EX-31.2EX-32.1EX-32.2
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SUPERFUND GOLD, L.P.  SERIES A  STATEMENTS OF FINANCIAL CONDITION  March 31, 2009 (Unaudited), and December 31, 2008
 March 31, 2009
    
    
    December 31, 2008ASSETSCash
    
    $
    1,052,000
    
    
    $
    2,000Total assets
    
    $
    1,052,000
    
    
    $
    2,000LIABILITIESSubscriptions Received in Advance
    
    $
    1,050,000
    
    
    $
    Total Liabilities
    
    $
    1,050,000
    
    
    $
    SERIES CAPITALGeneral Partner Interest
    
    $
    1,000
    
    
    $
    1,000Initial Limited Partner Interest
    
    $
    1,000
    
    
    $
    1,000Total Series Capital
    
    $
    2,000
    
    
    $
    2,000TOTAL LIABILITIES AND SERIES CAPITAL
    
    $
    1,052,000
    
    
    $
    2,000
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SUPERFUND GOLD, L.P.  SERIES B  STATEMENTS OF FINANCIAL CONDITION  March 31, 2009 (Unaudited), and December 31, 2008
 March 31, 2009
    
    
    December 31, 2008ASSETSCash
    
    $
    2,157,000
    
    
    $
    2,000Total assets
    
    $
    2,157,000
    
    
    $
    2,000LIABILITIESSubscriptions Received in Advance
    
    $
    2,155,000
    
    
    $
    Total Liabilities
    
    $
    2,155,000
    
    
    $
    SERIES CAPITALGeneral Partner Interest
    
    $
    1,000
    
    
    $
    1,000Initial Limited Partner Interest
    
    $
    1,000
    
    
    $
    1,000Total Series Capital
    
    $
    2,000
    
    
    $
    2,000TOTAL LIABILITIES AND SERIES CAPITAL
    
    $
    2,157,000
    
    
    $
    2,000
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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A AND B
NOTES TO FINANCIAL STATEMENTS
March 31, 2008
(Unaudited)
 1. ORGANIZATION
  2. THE OFFERING OF THE UNITS
  3. ORGANIZATIONAL AND INITIAL OFFERING COSTS
  4. CHARGES TO EACH SERIES
  
    
    An annual management fee of 2.25% of net assets (1/12 of 2.25% payable monthly) for
each Series.
    
    A performance fee of 25% of new appreciation in each Series net assets, computed on
a monthly basis, excluding interest income and changes in the value of the Series
dollar for dollar investment in gold.
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
    
    Each Series will pay a selling commission of 2% of the average month-end net asset
value of such Series in monthly installments of 1/12 of 2% of the month-end net asset
value of such Series. However, the maximum cumulative selling commission per Unit is
limited to 10% of the initial public offering price for such Unit. Unitholders that
participate in a selling agents asset-based or fixed fee investment program (and whose
Units are purchased through such program) or registered investment advisers
asset-based fee or fixed fee advisory program will not be subject to the 2% annual
selling commission.
    
    $25.00 per round-turn futures transaction (i.e., purchase and sale or sale and
purchase) for brokerage fees will be charged, where brokerage commissions are charged
in U.S. dollars, a portion of which will be paid to the clearing brokers for execution
and clearing costs and the balance of which will be paid to Superfund Asset Management,
Inc., an affiliate of the General Partner, which will serve as introducing broker for
each Series. Brokerage commissions for certain foreign futures contracts to be traded
by the Fund are charged in currencies other than the U.S. dollar. Commission rates for
brokerage commissions charged in foreign currencies will be reset on the first business
day of each calendar month to the foreign currency equivalent of $25.00 based on the
then current U.S. dollar exchange rate for the applicable foreign currencies. Daily
fluctuations in foreign currency exchange rates will, however, cause the actual
commissions charged to the Fund for certain foreign futures contracts to be more or
less than $25.00 per round-turn.
    
    Actual operating and ongoing offering expenses, such as legal, auditing,
administration, printing and postage costs, estimated to be 0.75% of average month-end
net assets per year of each Series. The General Partner will assume liability for
operating expenses in excess of 0.75% of average month-end net assets per year of each
Series.
 5. SUBSCRIPTIONS AND REDEMPTIONS
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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF OPERATIONS
 INTRODUCTION
    LIQUIDITY
  CAPITAL RESOURCES
  RESULTS OF OPERATIONS
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OFF-BALANCE SHEET RISK
   OFF-BALANCE SHEET ARRANGEMENTS
  CONTRACTUAL OBLIGATIONS
  CRITICAL ACCOUNTING POLICIES  VALUATION OF THE FUNDS POSITIONS
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  ITEM 4T. CONTROLS AND PROCEDURES
  PART II  OTHER INFORMATION
 Item 1. Legal Proceedings.
  Item 1A. Risk Factors
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
 (a)
    
    There were no sales of unregistered securities during the quarter ended March 31,
2009.(b)
    
    Information required by Item 701(f) of Regulation S-K:
 (1) The use of proceeds information is being disclosed for Registration Statement No.
333-151632 declared effective on February 17, 2009.(2) The offering of the Funds Units commenced on or about February 18, 2009 and Units are
offered as of the beginning of each calendar month on a continuous basis.(3) Not applicable.(4) (i) The offering of the Units has not terminated.
 (ii)Superfund USA, Inc. acts as the lead selling agent for the Fund.(iii) The Fund has registered Series A Units and Series B Units.(iv) The Fund has registered $100,000,000 of Series A Units and $100,000,000 of Series B
Units. Series A and Series B Units will initially be sold at the U.S. dollar price per
ounce of gold established by the gold pool members of the London Bullion Market
Association at the London A.M. fixing on the day Series A and Series B begin their trading
and investment activities and, thereafter, Series A and Series B Units will be available
as of the end of each month at the then current net asset value per Unit which will be
stated both in ounces of gold, reflecting the U.S. dollar price per ounce of gold
established at the London A.M. fixing on the last business day of the month, and in
dollars. As of March 31, 2009, the Fund sold $1,050,000 of Series A Units and $2,155,000
of Series B Units, which were to be issued on April 1, 2009. On the day that Series A and
Series B begin their trading and investment activities, such amounts will be converted
into Units in accordance with the aforementioned methodology.
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(v) As of March 31, 2009, de minimisexpenses were incurred for the account of the Fund.(vi) Net offering proceeds to the Fund as of March 31, 2009 were $3,205,000.(vii) As of March 31, 2009, the amount of net offering proceeds to the Fund for commodity
futures and forward trading in accordance with the General Partners trading program
totaled $3,205,000.(viii) Not applicable.
 (c)
    
    Pursuant to the Funds Limited Partnership Agreement, investors may redeem their Units at the
end of each calendar month at the then current month-end Net Asset Value per Unit. The redemption
of Units has no impact on the value of Units that remain outstanding, and Units are not reissued
once redeemed.
 Item 3. Defaults upon Senior Securities.
  Item 4. Submissions of Matters to a Vote of Security Holders.
  Item 5. Other Information.
  Item 6. Exhibits.
  Exhibit Number
    
    Description of Document
    
    Page Number3.01
    
    Certificate of Limited Partnership of the Fund (incorporated by
reference to Exhibit 3.01 to the Funds Form S-1 Registration
Statement, File No. 333-151632, filed with the Securities and
Exchange Commission (the Commission) on June 13, 2008)
    
    *3.02
    
    Limited Partnership Agreement of the Fund (incorporated by reference
to Exhibit 3.02 to the Funds Form S-1 Registration Statement, File
No. 333-151632, filed with the Commission on June 13, 2008)
    
    *3.03
    
    Form of Amended and Restated Limited Partnership Agreement of the
Fund (incorporated by reference to Exhibit 3.04 to the Funds
Amendment No. 2 Form S-1 Registration Statement, File No.
333-151632, filed with the Commission on February 12, 2009)
    
    *31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
    
    E-231.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
    
    E-332.1
    
    Section 1350 Certification of Principal Executive Officer
    
    E-432.2
    
    Section 1350 Certification of Principal Financial Officer
    
    E-5
 
 *
    
    Incorporated by Reference 10




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SIGNATURES
  Date: May 15, 2009
    SUPERFUND GOLD, L.P.
(Registrant)By:
    Superfund Capital Management, Inc.
General PartnerBy:
    /s/ Nigel JamesNigel JamesPresident and Principal Executive OfficerBy:
    /s/ Roman GregorigRoman GregorigVice President and Principal Financial Officer 11




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Exhibit Number
    
    Description of Document
    
    Page Number31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
    
    E-231.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
    
    E-332.1
    
    Section 1350 Certification of Principal Executive Officer
    
    E-432.2
    
    Section 1350 Certification of Principal Financial Officer
    
    E-5
 E-1